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<br />J <br /> <br />Agenda Item 9, Species Conservation Trust Fund <br />January 27-28, 2004 Board Meeting <br />Page 3 of4 <br /> <br />. increased Elkhead storage (approximately 12,000 AF in total) will benefit the Upper Colorado <br />Endangered Species Recovery Program. Funding sources for the Elkhead enlargement include up to <br />$9,187,500 from the Upper Colorado RIP. Colorado would like to provide its remaining UCRIP <br />cost share, which would come from the SCTF capital account, directly to the CRWCD for the <br />Elkhead enlargement effort. <br /> <br />2. Platte River Cooperative Agreement (CA): <br /> <br />. <br /> <br />. <br /> <br />No additional funding requests for FY04-05 were made. <br /> <br />3. Colorado Division of Wildlife Recommendations: <br /> <br />Funding requests totaling $925,000 were made by CDOW as shown on the attached page. <br /> <br />Discussion <br /> <br />Depending on the interested earned on the capital account over the next few months, the capital <br />account will be approximately $440,000 short of being able to meet this year's request. In order to <br />cover this shortfall, we recommend that dollars authorized in some of the previous years, but which <br />have not been encumbered, be de-authorized. Furthermore, once we resolve some of the accounting <br />issues with the NFWF and enter into a contract with the CRWCD for Elkhead enlargement, only <br />about $2,000,000 would remain in the SCTF capital account and that is currently earmarked for the <br />Platte River Program. Thus, we have a foreseeable need to find approximately 3 million dollars over <br />the next 3 or 4 years if we are to remain current on our cost share obligations under the UCRIP and <br />SJR1P. In addition, we will need at least another $12 million to complete the Platte program and that <br />need could be as much as $20 million. <br /> <br />The attached spreadsheets provide a summary of selected SCTF financial information. There is no <br />detailed information on total long-term projected State funding needs from the SCTF. The <br />spreadsheets show that the existing SCTF balance is inadequate and that future funding must be <br />found. <br /> <br />Recommendation <br /> <br />Staff recommends that the Board (1) reaffirm the above expenditures totaling $2,568,000 from the <br />SCTF for FY 04-05 and forward that recommendation to the Executive Director ofDNR, (2) <br />recommend that DNR de-authorize capital account authorizations from years prior to FY02-03 that <br />have not been used, (3) strongly encourage the addition of at least $2 million into the SCTF for fiscal <br />year FY05-06 and (4) recommend that DNR, using SCTF dollars, contract directly with the <br />Colorado River Water Conservation District for construction ofthe Elkhead Reservoir enlargement <br />element ofthe Upper Colorado RIPRAP to the extent of Colorado's UCRIP cost share obligation <br />and assure appropriate cost share credit from the UCRIP is received. <br /> <br />In addition, staff recommends continued coordination with the DNR and the CDOW toward <br />the development of more detailed information on the SCTF expenditure history, and the long-term <br />SCTF goals and funding needs. Given that the funds in the SCTF are nearly totally obligated, <br />additional funding is required. If additional funding is not forthcoming, then general direction <br />concerning the use of SCTF dollars that would limit the expenditures to only those necessary for <br />participation in the two Recovery Programs and the CA should be provided. No additional funding <br />means that the State will fall behind in it cost share obligations under the two Recovery Programs or <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />